Smith & Williamson has advised specialist Mechanical and Electrical (M&E) Services provider Metropolitan Electrical Services on its transfer of ownership to an Employee Ownership Trust (“EOT”).
Metropolitan Electrical Services is a leading independent provider of M&E services specialising in critical environments. Its customers typically operate in industries dominated by regulation and stringent operating requirements with a high cost of failure, including data centres and financial services, such as major investment banks, where downtime is not an option. It offers a suite of services including mechanical, electrical, building management, TEGG testing, fabric and joinery services to its portfolio of blue-chip clients.
Since foundation in 1985 by Maurice Exall, Metropolitan has had a strong focus on employee culture and welfare, the Metropolitan Way. The shareholders have transferred 100% of the business to an Employee Ownership Trust, securing the long-term future of the business and enabling the staff to benefit in the future growth of the company. Metropolitan’s management team will remain unchanged, with Robert Warner continuing as Managing Director and Maurice Exall as Chairman, ensuring business continues as usual.
Smith & Williamson worked with the Board of Metropolitan Electrical Services to deliver a successful transfer to employee ownership. Brian Livingston, Head of M&A for Smith & Williamson, led the transaction supported by Stuart Goodman and Jankee Patel in Corporate Finance and John Manis and Oliver Dewdney in Business Tax.
Rob Warner, Managing Director of Metropolitan Electrical Services, said: “We are pleased to have secured the future of the business under employee ownership. This structure enables us to continue with business as usual, continuing to grow and focusing on our employees. We found the advice and hands on support provided by the Smith & Williamson team to be invaluable and a significant factor in achieving a successful transaction. Their understanding of the wider construction industry and owner managed businesses proved vital in supporting us and made the whole process run smoothly.”
Brian Livingston, Head of M&A for Smith & Williamson, said: “This is another deal the Smith & Williamson team has completed within construction which reinforces our position as one of the leading advisers in this sector. We hope that under employee ownership, the Company will continue to achieve strong growth under the stewardship of the current management team. Smith & Williamson has a strong track record of supporting owner-managed business transition ownership and we are thrilled to have supported Robert and Maurice in achieving a successful outcome for all involved”.
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By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.
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